Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 7, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open in the red today, mirroring negative
opening trades in the SGX Nifty and mixed opening in the Asian markets.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
Nifty
0.6
34.3
5,819
After moving notably higher over the course of Tuesdays session, US stocks turned
in a relatively lackluster performance during trading on Wednesday, amid
uncertainty about the near-term outlook for the markets, following recent strength.
The majority of the European markets ended Wednesday's trading session in
negative territory. The markets were up in early trade, adding to the strong rally of
the previous session. The better-than-expected private sector employment data
released in the afternoon also provided support. However, those early gains began
to erode in late trading. Investors will watch out for Thursday's announcement from
the ECB, as well as the US jobs report on Friday.
MID CAP
1.1
72.4
6,410
SMALL CAP
1.5
92.1
6,238
BSE HC
0.2
14.0
7,929
BSE PSU
0.7
45.4
6,905
BANKEX
0.6
87.7 13,616
AUTO
0.3
34.6 10,755
METAL
2.2
200.5
9,329
OIL & GAS
0.8
73.4
8,833
BSE IT
1.3
90.2
6,945
Meanwhile, Indian shares rose on Wednesday, mirroring strong global cues, with
upbeat economic data from the United States and continued hopes for easy
monetary policy in Japan and elsewhere underpinning sentiment.
Global Indices
(Pts)
(Close)
Markets Today
Dow Jones
Chg (%)
0.3
109.4 19,253
42.5 14,296
NASDAQ
(0.1)
(1.8)
3,222
FTSE
(0.1)
(4.3)
6,428
Nikkei
2.1
248.8 11,932
The trend deciding level for the day is 19,247/ 5,814 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,299 19,345 / 5,833 5,848 levels. However, if NIFTY trades below
19,247/ 5,814 levels for the first half-an-hour of trade then it may correct up to
19,201 19,149 / 5,800 5,780 levels.
Hang Seng
1.0
217.3 22,778
Straits Times
1.3
43.6
3,292
Shanghai Com
0.9
20.9
2,347
Chg (%)
(Pts)
(Close)
Indices
S2
S1
PIVOT
R1
R2
INFY
1.1
0.6
$54.8
SENSEX
19,149
19,201
19,247
19,299
19,345
WIT
1.7
0.2
$10.0
5,848
IBN
(0.8)
(0.4)
$43.0
HDB
(0.5)
(0.2)
$37.8
NIFTY
5,780
5,800
5,814
5,833
Indian ADR
News Analysis
Advances / Declines
Cement dispatches February 2013

Tool down protest at MMs Nashik plant impacts production
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
3,561
3,440
121
1,036
45,388
346
458
(112)
(171)
(5,732)
FII Derivatives (March 06, 2013)

` cr
Purch
Sales
Net
Index Futures
1,379
1,188
191
9,950
Stock Futures
1,715
1,107
608
24,819
Open Interest
Price (`)
chg (%)
Company
Gainers / Losers
Gainers
Company
HDIL
Losers
Price (`)
chg (%)
(7.3)
68
12.2
Astrazeneca Phar
773
M& M Fin
204
7.0
MMTC
319
(6.1)
Oberoi Realty
283
5.8
Cadila Health
737
(3.6)
74
5.5
Piramal Ent
564
(3.2)
236
4.8
Sun TV Network
422
(2.2)
Jaiprakash Asso
REC
www.angelbroking.com
NSE
Advances
1,730
1,034
Declines
1,116
468
131
83
Unchanged
Net Inflows (March 04, 2013)
MFs
BSE
Volumes (` cr)
BSE
1,960
NSE
11,272
Market Outlook
March 7, 2013
Cement dispatches February 2013

Cement demand continued to remain weak during February 2013 as economic
slowdown impacted construction activities. Prolonged cold weather too impacted
demand in some regions during the month. During February 2013 Ultratech
Cement posted a 5.9% yoy decline in cement dispatches to 3.31mn tonnes. Shree
Cement too posted a 16% yoy decline in dispatches to 0.97mn tonnes. JK Lakshmi
Cement posted a marginal 1.3% yoy decline in dispatches. However, Dalmia
Bharat Cement a south based player posted an impressive 33% yoy growth in
dispatches for the month of February. We maintain a Buy on JK Lakshmi Cement
with a target price of `143. We maintain a neutral on Ultratech Cement and Shree
Cement.
Tool down protest at MMs Nashik plant impacts production

As per media reports, around 3,000 workers at Mahindra and Mahindras (MM)
Nashik plant are on a tool down protest since March 5, 2013. The workers have
been protesting against the suspension of the Union general secretary who was
being alleged of stopping the production on March 3, 2013. The workers at the
plant have been agitating over the issue of the impending salary revisions.
According to the company, the Employee Union has also issued a notice of strike
on or after March 11, 2013, should the Charter of Demand made by union is not
settled.
The tool down strike has impacted the production of the company and according
to the initial estimates the company has lost around 500 units of production. The
Nashik plant of MM manufactures popular models like, Scorpio, Xylo, Bolero and
Verito. While the loss in production is not likely to have immediate impact given
that MM has three weeks of channel inventory; we fear that a prolonged strike
would impact the sales volume significantly. However on the positive side,
management has stated that they are in a regular dialogue with the Union
members for the wage negotiation process and expects to reach a mutually
agreeable settlement at the earliest possible. At `878, MM is trading at 13.7x
FY2014 earnings. We maintain our Buy rating on the stock with an SOTP based
target price of `1,019.
Economic and Political News
Share of exports in India's overall GDP rises to 17.7% in FY12

Companies facing probe allowed to tap ECBs via automatic route: RBI
Moily red flags Finance Ministry's proposal on fuel pricing
Power Ministry seeks feedback from companies to overcome sectoral issues
Corporate News
4,000 MW Mundra UMPP fully operational: Tata Power

RCF stake sale offer on March 8: disinvestment secretary
RIL teams up with Samsung, plans 4G phones for 5.5k
Coal India's CMD should be replaced, says UK-based TCI
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 07, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 7, 2013
March 8, 2013
March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013
March 15, 2013
March 19, 2013
March 20, 2013
7:00PM
US
Initial Jobless claims
5:30PM
UK
BOE Announces rates
Thousands
Mar 2
344.00
355.00
% Ratio
Mar 7
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Mar 7
0.75
0.75
5:29PM
China
7:00PM
US
Exports YoY%
% Change
Feb
25.00
8.10
Change in Nonfarm payrolls
Thousands
Feb
157.00
160.00
7:00PM
US
Unnemployment rate
7:00AM
China
Consumer Price Index (YoY)
Feb
7.90
7.90
% Change
Feb
2.00
3.00
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
10.30
4:29PM
India
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
Exports YoY%
% Change
Feb
0.80
--
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
11:00AM
India
Industrial Production YoY
% Change
Jan
(0.60)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
0.70
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Feb
2.00
--
6:00PM
US
Consumer price index (mom)
% Change
Feb
--
0.50
6:45PM
US
Industrial Production
Feb
(0.10)
0.30
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
6:00PM
US
Building permits
Thousands
Feb
904.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Value
Mar A
54.70
--
3:00PM
UK
Jobless claims change
10:00PM
US
FOMC rate decision
2:00PM
Germany PMI Services
2:00PM
Germany PMI Manufacturing
7:30PM
US
Existing home sales
7:30PM
US
Consumer Confidence
7:30PM
US
New home sales
March 27, 2013
3:00PM
UK
GDP (YoY)
March 28, 2013
2:25PM
Germany Unemployment change (000's)
6:00PM
US
GDP Qoq (Annualised)
April 1, 2013
6:30AM
China
PMI Manufacturing
April 2, 2013
2:00PM
UK
PMI Manufacturing
April 15, 2013
7:30AM
China
Real GDP (YoY)
May 15, 2013
11:30AM
Germany GDP nsa (YoY)
March 21, 2013
March 26, 2013
Source: Bloomberg, Angel Research
Value
Mar A
50.30
--
Millions
Feb
4.92
--
S.A./ 1985=100
Mar
69.60
--
Thousands
Feb
437.00
--
% Change
4Q F
0.30
--
Thousands
Mar
(3.00)
--
% Change
4Q T
0.10
--
Value
Mar
50.10
--
Value
Mar
47.90
--
% Change
1Q
7.90
--
% Change
1Q P
0.10
--
Market Outlook
March 07, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
7.5
6.5
5.7
6.0
5.3 5.5 5.3

4.5
2.5
2.0
1.0
2.0
(4.0)
7.5
7.6
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.7
Jun-12
Source: MOSPI, Angel Research
(%)
7.6
May-12
Apr-12
Mar-12
(2.0)
Feb-12
Jan-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
Exhibit 3: Monthly WPI inflation trends
7.6
7.5
8.0
Services PMI
8.1
7.3
7.2
7.2
56.0
6.6
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
50.0
Feb-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
Source: CSO, Angel Research
9.0
8.3
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.50
Imports yoy growth
30.0
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.50
Mar-12
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
117
2,267
1,466
1,686
14.8
14.8
7.0
8.1
16.7
14.4
3.5
3.0
22.6
22.5
1.6
1.4
United Phosphorus
Buy
121
170
5,340
8,421
9,263
16.5
16.5
15.0
17.0
8.0
7.1
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
284
323
4,854
2,983
3,477
16.1
16.1
18.5
21.6
15.4
13.2
4.4
3.4
32.9
29.1
1.6
1.4
Apollo Tyres
Accumulate
89
97
4,486
13,066
14,503
11.5
11.8
13.0
14.5
6.8
6.2
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,199
12,910
14,836
8.8
9.6
1.5
2.2
15.7
10.5
2.1
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
290
438
934
1,103
10.2
10.7
24.5
34.3
11.8
8.4
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,975
57,138
20,775
23,889
18.5
19.0
107.6
126.4
18.4
15.6
7.6
6.0
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
220
242
5,130
5,973
6,707
14.4
15.2
13.4
18.6
16.5
11.9
2.1
1.9
13.6
16.9
1.0
0.8
Bosch India*
Accumulate
8,367
8,889
26,272
9,717
11,092
16.2
17.0
354.7
423.3
23.6
19.8
4.1
3.5
17.2
17.5
2.4
2.0
CEAT
Buy
95
163
327
4,822
5,403
8.2
8.3
29.8
40.8
3.2
2.3
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
126
10,748
6,016
7,026
12.7
14.4
5.8
7.8
21.6
16.1
3.2
2.8
15.4
18.2
1.5
1.2
FAG Bearings*
Accumulate
1,491
1,569
2,477
1,619
1,879
16.0
16.6
108.6
130.7
13.7
11.4
2.4
2.0
18.8
19.1
1.3
1.1
Hero Motocorp
Buy
1,647
1,923
32,879
23,990
27,038
13.8
14.6
105.8
120.2
15.6
13.7
6.3
5.1
44.3
41.0
1.1
0.9
JK Tyre
Buy
105
165
431
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.5
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
878
1,019
53,929
40,060
46,301
11.5
11.7
55.3
64.3
15.9
13.7
3.6
3.0
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,422
1,563
41,084
43,381
52,411
7.5
8.9
65.6
97.7
21.7
14.6
2.4
2.1
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
195
209
11,484
25,769
29,010
7.1
7.5
10.2
13.1
19.2
15.0
4.8
3.8
28.1
28.3
0.6
0.5
Subros
Buy
25
35
152
1,296
1,476
9.8
9.9
3.4
5.0
7.6
5.0
0.5
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
309
326
82,432 184,201 209,642
12.4
13.5
28.0
36.3
11.0
8.5
2.4
2.0
24.6
25.4
0.5
0.5
TVS Motor
Buy
39
47
1,841
7,019
7,827
6.0
6.3
4.3
5.3
9.1
7.4
1.4
1.2
16.4
18.0
0.2
0.2
ABB*
Sell
578
487
12,244
8,073
9,052
5.5
7.2
11.3
17.4
51.3
33.2
4.4
4.0
8.9
12.8
1.5
1.3
BGR Energy
Neutral
208
1,497
3,412
4,104
13.0
11.6
24.6
26.2
8.4
7.9
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
203
49,711
47,801
43,757
18.0
17.1
24.1
20.8
8.4
9.8
2.5
2.1
32.9
23.6
0.9
1.0
Blue Star
Buy
167
238
1,500
2,748
2,896
4.4
5.6
6.8
9.3
24.6
17.9
3.4
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
96
129
6,139
12,136
13,790
3.8
6.3
3.3
6.9
29.0
13.9
1.7
1.5
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
34
49
282
2,802
3,074
9.5
9.8
7.7
10.9
4.5
3.2
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
49
75
1,255
6,909
7,723
6.2
7.2
5.4
8.4
9.1
5.8
1.1
0.9
17.0
22.8
0.3
0.3
LMW
Neutral
2,025
2,281
2,369
2,727
11.7
11.7
143.4
166.0
14.1
12.2
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
586
6,987
5,529
5,798
9.0
9.6
27.1
30.3
21.6
19.4
3.8
3.3
18.6
18.2
1.1
1.0
Capital Goods
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,254
23,546
11,358
12,366
19.9
19.6
75.1
74.9
16.7
16.7
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
192
29,656
9,730
11,221
25.6
25.0
10.2
11.3
18.8
17.0
3.4
3.1
18.7
19.0
2.6
2.2
India Cements
Neutral
84
2,582
4,439
4,789
16.7
17.2
6.8
9.1
12.4
9.3
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cements
Accumulate
124
143
1,522
2,119
2,478
22.9
22.3
20.3
22.8
6.1
5.5
1.1
0.9
18.0
17.7
0.8
1.1
Madras Cements
Neutral
246
5,845
3,960
4,270
27.4
27.0
18.6
21.1
13.2
11.7
2.4
2.0
19.7
18.9
2.1
1.8
Shree Cements^
Neutral
4,192
14,605
5,678
6,251
29.0
28.6
288.1
334.0
14.6
12.6
4.1
3.2
31.7
28.4
2.0
1.7
UltraTech Cement
Neutral
1,897
52,007
20,466
23,017
23.3
24.3
100.0
117.1
19.0
16.2
3.4
2.9
19.6
19.5
2.5
2.3
199
268
1,045
20,466
23,017
22.5
22.5
24.4
27.0
8.2
7.4
1.0
0.8
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
203
2,262
2,522
5.9
6.3
0.9
1.6
12.0
7.1
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
118
164
3,932
3,843
4,212
43.1
43.6
16.8
17.8
7.0
6.6
1.2
1.1
18.3
17.0
3.1
3.4
ITNL
Accumulate
202
225
3,929
6,564
7,054
27.2
27.4
26.3
29.0
7.7
7.0
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
26
35
783
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.6)
8.9
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
74
97
16,477
14,243
16,382
26.2
26.1
3.2
4.3
23.2
17.1
1.2
1.2
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,434
1,788
88,228
60,666
69,525
10.6
11.2
71.9
85.0
20.0
16.9
3.1
2.7
14.5
15.2
1.6
1.5
Nagarjuna Const.
Buy
38
44
974
5,863
6,576
8.1
8.2
3.1
4.1
12.3
9.3
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
46
1,528
11,892
13,116
10.2
10.2
(0.4)
3.0
(107.9)
15.5
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
111
157
1,679
1,642
2,642
9.7
10.1
3.2
7.2
34.7
15.4
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
151
197
747
6,026
7,135
9.1
9.3
14.1
24.6
10.7
6.2
0.6
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
33
58
243
2,180
2,455
13.7
13.4
12.9
14.8
2.5
2.2
0.3
0.3
12.1
12.5
0.5
0.5
143
160
7,170
6,509
7,264
2.7
2.8
28.2
33.5
5.1
4.3
0.7
0.6
13.8
14.7
98
5,464
4,795
5,475
3.0
3.0
21.8
21.9
4.5
4.5
0.8
0.7
15.4
13.8
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,400
1,678
65,429
15,959
18,660
3.2
3.2
119.2
139.0
11.8
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
730
850
30,018
14,889
17,393
2.5
2.6
108.2
134.0
6.8
5.5
1.0
0.9
15.3
16.7
Bank of India
Accumulate
315
350
18,060
12,793
14,823
2.3
2.4
49.5
65.1
6.4
4.8
0.9
0.8
13.6
16.0
Bank of Maharashtra
Neutral
53
3,148
3,720
4,268
2.9
2.8
10.9
13.0
4.9
4.1
0.7
0.7
16.2
16.9
Canara Bank
Accumulate
426
463
18,856
10,783
12,000
2.1
2.3
64.8
82.2
6.6
5.2
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
73
5,396
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.7
0.8
0.7
10.3
14.3
403
465
5,972
4,919
5,634
2.1
2.2
96.7
99.9
4.2
4.0
0.7
0.6
16.3
14.9
94
107
3,284
3,090
3,462
2.7
2.7
25.6
24.6
3.7
3.8
0.7
0.6
19.2
15.9
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
496
536
8,480
2,667
2,920
3.2
3.2
49.1
51.4
10.1
9.7
1.3
1.2
13.9
13.1
HDFC
Neutral
774
119,507
7,446
8,923
3.5
3.5
32.2
38.5
24.1
20.1
4.9
4.4
35.4
32.6
HDFC Bank
Accumulate
631
666
149,786
21,724
26,578
4.3
4.3
28.7
36.1
22.0
17.5
4.2
3.6
20.7
22.1
ICICI Bank
Buy
1,106
1,302
127,229
22,317
26,217
2.9
3.0
72.0
84.6
15.4
13.1
1.9
1.8
14.9
15.9
IDBI Bank
Buy
91
106
11,691
8,196
9,305
1.9
2.1
15.4
22.3
6.0
4.1
0.6
0.6
10.7
14.1
Indian Bank
Buy
173
208
7,418
5,716
6,362
3.2
3.2
37.7
41.1
4.6
4.2
0.8
0.6
16.9
16.2
IOB
Accumulate
74
85
5,874
7,231
8,369
2.4
2.5
10.2
20.2
7.2
3.6
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,263
1,406
6,123
2,784
2,932
3.7
3.7
229.2
199.6
5.5
6.3
1.2
1.1
24.6
18.2
LIC Housing Finance
Accumulate
240
257
12,127
1,722
2,080
2.2
2.2
19.9
24.6
12.1
9.8
1.9
1.6
16.6
17.9
Oriental Bank
Accumulate
278
314
8,117
6,360
7,004
2.6
2.8
48.1
59.4
5.8
4.7
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
809
957
27,448
19,202
22,040
3.2
3.4
146.8
167.9
5.5
4.8
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
30
3,293
1,583
1,789
3.0
2.9
3.5
4.1
7.1
6.1
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,166
2,514
145,362
60,594
70,439
3.3
3.3
221.9
257.4
9.8
8.4
1.7
1.4
17.4
17.7
Syndicate Bank
Accumulate
122
135
7,326
6,673
7,644
2.9
3.0
32.0
27.9
3.8
4.4
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
63
4,164
5,388
6,262
2.4
2.6
9.0
14.9
7.0
4.2
0.9
0.8
9.1
13.8
228
256
12,572
10,006
11,558
2.8
2.8
36.4
47.0
6.3
4.9
0.9
0.8
14.6
16.6
Buy
63
75
2,260
3,549
3,814
2.5
2.7
12.0
21.4
5.2
2.9
0.5
0.5
10.1
16.3
Vijaya Bank
Neutral
52
2,562
2,342
2,763
1.9
2.1
8.0
10.9
6.5
4.7
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
482
526
17,271
3,364
4,260
2.8
3.0
36.3
42.6
13.3
11.3
3.0
2.4
24.6
23.6
4,451
42,698
11,198
13,319
15.9
15.7
122.1
147.1
36.5
30.3
12.3
9.6
37.7
35.7
3.7
3.1
FMCG
Asian Paints
Neutral
Britannia
Accumulate
508
564
6,077
5,580
6,417
4.8
5.0
18.1
21.7
28.1
23.5
10.2
8.2
38.7
38.7
1.0
0.8
Colgate
Neutral
1,355
18,432
3,120
3,588
20.3
21.1
38.4
45.1
35.3
30.1
32.8
26.3
104.6
97.0
5.7
4.9
Dabur India
Neutral
133
23,137
6,196
7,183
16.3
16.8
4.5
5.5
29.5
24.2
12.2
9.5
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,193
17,636
3,084
3,617
15.2
16.3
103.9
123.0
40.4
34.1
13.0
10.7
34.9
34.3
5.2
4.5
Godrej Consumer
Neutral
754
25,667
6,386
7,743
15.7
17.0
20.8
27.1
36.2
27.8
7.8
6.4
23.7
26.4
4.2
3.4
HUL
Neutral
441
95,272
25,350
28,974
13.3
13.5
15.1
17.0
29.2
26.0
23.2
16.5
85.7
74.3
3.6
3.1
ITC
Neutral
288
226,865
29,148
34,191
35.7
36.1
9.4
11.1
30.7
25.9
10.2
8.5
35.9
35.7
7.5
6.3
Marico
Neutral
216
13,920
4,747
5,402
13.6
13.6
6.3
7.8
34.0
27.6
7.0
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,724
45,542
8,302
9,739
22.0
21.5
110.7
130.8
42.7
36.1
25.3
18.2
69.5
58.6
5.5
4.6
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
130
145
8,042
7,272
7,998
9.1
9.9
6.9
8.1
19.0
16.2
2.0
1.9
8.9
9.7
1.0
0.9
HCL Tech^
Neutral
756
52,519
25,325
28,476
21.7
20.7
51.0
52.8
14.8
14.3
3.9
3.2
26.8
22.9
2.0
1.7
Hexaware*
Buy
87
113
2,588
1,948
2,136
20.9
18.3
10.9
10.1
8.0
8.6
2.1
1.8
27.2
21.0
1.1
0.9
Infosys
Neutral
2,966
170,344
40,746
44,283
28.9
28.8
162.6
172.9
18.3
17.2
4.3
3.7
23.5
21.3
3.6
3.2
Infotech Enterprises
Accumulate
173
184
1,934
1,881
1,987
17.9
17.4
18.5
19.4
9.4
8.9
1.4
1.2
14.8
13.6
0.7
0.6
KPIT Cummins
Buy
105
134
2,026
2,234
2,477
15.8
15.2
10.9
12.8
9.6
8.2
2.1
1.6
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
121
14,279
7,711
8,683
21.6
20.3
8.7
11.3
13.9
10.7
3.3
2.5
30.6
23.7
1.4
1.2
Mindtree
Neutral
874
3,632
2,357
2,580
21.0
19.3
84.4
86.8
10.4
10.1
2.7
2.2
26.8
21.7
1.3
1.1
Mphasis&
Neutral
396
8,327
5,531
5,874
17.6
17.5
35.4
37.7
11.2
10.5
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
23
36
379
1,048
1,161
9.1
10.9
4.1
6.2
5.6
3.7
0.6
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
566
2,264
1,297
1,433
25.6
24.1
46.5
54.0
12.2
10.5
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,558
1,465
304,896
62,954
70,871
29.0
28.9
71.6
79.1
21.8
19.7
7.2
5.9
33.2
29.7
4.6
4.1
Tech Mahindra
Accumulate
1,079
1,205
13,813
6,789
7,609
21.0
19.6
95.8
110.7
11.3
9.8
2.7
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
441
108,635
43,514
47,304
20.1
19.4
26.6
27.7
16.6
15.9
3.2
2.8
19.7
17.9
2.2
1.9
D B Corp
Buy
236
276
4,335
1,583
1,787
23.9
25.4
11.9
14.5
20.0
16.3
3.9
3.4
21.4
22.4
2.6
2.3
HT Media
Accumulate
101
113
2,384
2,061
2,205
14.0
15.1
6.6
7.9
15.3
12.9
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
98
125
3,090
1,511
1,698
23.2
23.4
6.4
7.3
15.2
13.4
3.8
3.4
25.9
26.6
2.2
1.9
PVR
Neutral
284
823
820
1,307
17.3
17.3
11.2
17.8
25.5
16.0
1.2
1.1
9.7
10.8
1.1
0.7
Sun TV Network
Neutral
422
16,628
1,942
2,237
77.2
75.5
17.6
19.1
24.0
22.1
5.8
5.2
25.8
25.2
8.1
7.0
Bhushan Steel
Neutral
465
10,534
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
317
368
200,197
66,666
70,292
25.7
27.3
24.2
26.6
13.1
11.9
3.9
3.1
33.1
29.1
2.0
1.8
Electrosteel Castings
Buy
19
28
649
1,984
2,074
10.6
11.6
1.8
2.6
10.6
7.2
0.4
0.1
3.6
5.1
0.5
0.4
Hind. Zinc
Buy
120
149
50,704
12,002
13,759
49.7
50.8
14.7
16.4
8.2
7.3
1.6
1.3
21.1
19.8
2.3
1.7
Hindalco
Neutral
102
19,481
80,205
88,987
9.0
9.2
13.4
13.8
7.6
7.4
0.6
0.5
7.9
7.6
0.6
0.6
JSW Steel
Neutral
744
16,610
39,072
40,493
16.5
18.2
82.4
90.3
9.0
8.3
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Neutral
240
4,035
933
954
46.9
45.5
25.8
26.1
9.3
9.2
1.5
1.3
16.7
15.1
1.9
1.7
Monnet Ispat
Buy
243
318
1,545
2,287
2,883
21.8
21.8
35.3
40.7
6.9
6.0
0.6
0.6
9.6
10.2
1.9
1.4
Nalco
Neutral
44
11,288
6,630
8,357
11.4
14.5
2.1
3.3
20.6
13.4
1.0
0.9
4.6
6.9
1.0
0.9
NMDC
Buy
143
181
56,795
9,674
11,536
75.2
76.6
16.0
18.6
9.0
7.7
1.9
1.6
23.6
23.0
3.7
2.9
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
109
148
391
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
34
52
463
Buy
94
112
Cairn India
Buy
299
GAIL
Neutral
334
ONGC
Accumulate
318
Reliance Industries
Neutral
835
Gujarat Gas*
Neutral
264
3,381
3,707
Indraprastha Gas
Neutral
267
3,738
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
149
179
67
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
Aventis*
Neutral
2,341
Cadila Healthcare
Accumulate
737
Cipla
Accumulate
382
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
71
29,120
43,438
56,199
12.0
12.2
6.5
8.5
10.8
8.3
0.7
0.7
6.6
8.2
0.9
0.7
162
183
14,075
2,412
3,911
30.8
33.1
29.6
31.8
5.5
5.1
0.8
0.7
16.3
15.4
7.3
4.5
99
110
33,271
43,185
45,442
23.3
23.7
16.8
17.9
5.9
5.5
0.7
0.6
11.6
11.2
0.8
0.7
353
443
34,269 142,732 146,575
7.4
9.9
7.2
34.7
49.1
10.2
0.8
0.7
1.6
7.5
0.5
0.5
1,494
19.0
19.1
29.2
31.7
3.7
3.4
0.4
0.4
12.3
12.0
0.6
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.5
2.7
0.2
0.2
7.2
8.4
0.5
0.4
298
2,367
2,425
14.2
13.7
33.3
33.5
2.8
2.8
0.3
0.3
12.9
11.2
0.6
0.5
383
57,133
17,394
17,034
76.4
72.3
60.8
55.1
4.9
5.4
1.0
0.9
21.9
17.0
2.5
2.1
42,335
48,077
55,815
15.3
15.3
34.9
35.9
9.6
9.3
1.7
1.5
19.0
17.0
0.6
0.5
357
272,450 144,089 158,065
32.8
34.7
28.7
34.4
11.1
9.3
1.8
1.6
17.0
18.3
1.6
1.4
269,513 362,700 380,031
8.9
8.9
68.1
71.5
12.3
11.7
1.3
1.2
12.4
11.8
0.7
0.7
3,850
11.7
12.4
23.7
25.7
11.1
10.3
3.1
2.7
29.6
28.2
0.8
0.7
3,365
3,700
22.8
23.4
25.3
26.6
10.5
10.0
2.5
2.1
26.0
22.6
1.2
1.1
11,164
32,210
41,362
6.1
5.8
15.4
15.6
9.7
9.5
2.5
2.1
29.1
24.1
0.4
0.3
3,779
1,079
983
91.8
91.9
8.8
7.8
7.7
8.6
1.3
1.2
17.8
14.1
3.2
3.5
96
1,801
1,490
1,714
16.2
17.1
7.4
9.5
12.9
10.1
3.5
2.7
30.7
30.2
1.3
1.1
164
208
4,789
5,463
6,279
15.0
15.0
12.4
14.0
13.3
11.8
1.7
1.5
18.8
17.8
1.5
1.3
5,392
1,482
1,682
17.5
16.6
82.9
87.8
28.2
26.7
4.4
3.6
16.3
14.8
3.4
2.9
817
15,098
6,148
7,386
15.3
18.0
24.6
39.5
30.0
18.7
5.6
4.5
18.4
25.1
2.8
2.3
419
30,664
8,151
9,130
25.8
24.8
20.2
21.6
18.9
17.7
3.4
2.9
19.4
17.6
3.5
3.1
1,808
30,688
10,696
11,662
20.7
21.0
83.7
92.9
21.6
19.5
4.4
3.7
22.4
20.8
3.2
2.8
73
155
589
1,280
1,536
20.2
20.2
12.1
15.5
6.0
4.7
0.6
0.5
10.0
11.6
1.2
1.0
2,111
17,882
2,651
2,993
31.7
31.2
76.0
82.4
27.8
25.6
8.0
7.2
20.1
26.3
5.9
5.2
63
78
578
642
784
14.2
15.2
5.7
7.8
11.0
8.0
1.3
1.2
12.9
16.4
1.1
0.9
Accumulate
488
559
6,151
2,850
3,474
21.0
21.0
29.9
37.3
16.3
13.1
3.9
3.1
26.7
26.4
2.4
1.9
Lupin
Accumulate
598
655
26,767
8,426
10,082
19.7
20.0
26.1
31.1
22.9
19.2
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
401
16,954
12,253
11,400
14.1
12.5
31.2
21.6
12.9
18.6
4.2
3.6
37.9
20.6
1.3
1.4
Sun Pharma
Neutral
798
82,481
10,111
12,563
42.6
42.6
28.9
29.8
27.6
26.8
5.6
4.8
22.3
19.2
7.5
5.9
72
78
1,091
1,502
1,535
32.1
31.9
11.4
12.5
6.3
5.8
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
149
163
122,445
72,809
81,951
23.4
24.1
12.2
13.6
12.2
10.9
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Accumulate
270
288
45,789
7,953
9,699
34.7
37.0
4.4
6.0
61.7
45.2
1.8
1.7
3.1
3.8
7.9
6.1
MLIFE
Accumulate
401
446
1,636
786
888
26.3
26.7
31.0
36.3
12.9
11.1
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
322
350
122,167
80,521
87,160
30.5
30.5
6.4
10.4
50.3
30.9
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
114
37,675
22,087
23,927
26.6
27.7
2.9
3.9
38.9
29.1
2.7
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
64
13,241
21,087
22,067
31.8
31.9
2.6
4.0
24.5
16.0
0.4
0.4
1.5
2.2
2.4
2.2
13.1
13.5
79.0
90.8
17.2
14.9
3.7
3.1
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,354
1,634
2,877
1,926
2,152
Bajaj Electricals
Buy
184
217
1,832
3,450
3,929
4.5
7.4
10.0
15.5
18.4
11.9
2.4
2.1
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
447
495
565
460
596
16.4
16.2
34.7
45.0
12.9
9.9
3.2
2.4
27.7
27.8
1.3
1.0
Cravatex
Buy
355
545
92
272
308
7.2
7.3
37.5
45.4
9.5
7.8
2.3
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
945
6,634
982
1,136
34.3
34.3
34.3
40.0
27.5
23.6
12.5
10.0
50.9
46.9
6.3
5.3
Finolex Cables
Buy
48
61
738
2,268
2,559
9.5
10.0
9.0
10.1
5.4
4.8
0.8
0.7
14.8
14.6
0.3
0.2
Force Motors
Buy
400
550
521
2,027
2,299
4.6
5.1
35.3
50.0
11.3
8.0
0.5
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
281
304
648
1,559
1,676
7.1
7.4
27.5
30.5
10.2
9.2
1.6
1.5
16.9
16.7
0.2
0.2
Greenply Industries
Sell
380
309
917
1,925
2,235
10.6
10.9
29.6
44.1
12.9
8.6
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
129
356
905
1,025
4.8
6.0
7.7
12.4
16.9
10.5
1.6
1.4
9.9
14.4
0.5
0.4
2,515
2,842
2,223
2,117
2,491
8.1
7.8
140.5
157.9
17.9
15.9
2.7
2.3
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
617
744
1,085
1,069
1,223
9.7
9.7
40.0
46.5
15.4
13.3
2.2
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
188
239
217
1,455
1,630
12.0
12.1
23.2
31.2
8.1
6.0
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
162
2,615
816
979
14.5
14.9
5.2
6.0
31.5
27.0
3.6
3.3
8.8
10.2
3.4
2.8
MCX
Buy
1,056
1,440
5,386
553
624
65.3
66.3
62.5
72.0
16.9
14.7
4.6
4.0
27.5
27.4
6.7
5.5
MRF
Buy
12,187
14,331
5,169
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.3
6.8
1.5
1.2
22.0
19.4
0.5
0.5
Page Industries
Neutral
3,387
3,778
856
1,047
19.1
19.6
101.2
127.3
33.5
26.6
17.2
12.7
58.5
54.9
4.5
3.7
Relaxo Footwears
Buy
626
887
751
989
1,148
10.7
11.7
41.8
55.5
15.0
11.3
3.4
2.6
25.5
26.3
0.9
0.8
Sintex Industries
Buy
56
79
1,755
4,751
5,189
16.3
16.6
13.6
15.8
4.1
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
281
332
263
1,048
1,157
11.3
12.0
58.7
66.5
4.8
4.2
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
287
6,765
7,393
18.1
18.0
6.4
7.5
1.5
1.3
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
34
43
1,635
5,720
6,599
5.3
6.8
3.6
5.4
9.4
6.3
13.6
4.3
0.4
0.3
TAJ GVK
Buy
66
108
412
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 07, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
17.5
19.1
0.8
0.7
zOthers
Tata Sponge Iron
Buy
309
379
476
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
468
655
364
393
439
5.9
6.7
21.1
26.7
22.2
17.6
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
204
276
157
1,461
1,591
5.6
7.1
6.9
39.4
29.6
5.2
1.2
1.0
3.8
20.6
0.3
0.3
1,859
24,315
10,473
11,939
15.0
15.8
30.4
56.9
61.2
32.7
4.7
3.0
10.8
12.3
3.0
2.3
324
355
657
591
623
17.5
17.2
29.0
29.6
11.2
10.9
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 06, 2013
Market Outlook
March 07, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

OIL & GAS

Cement dispatches February 2013

Refer detailed news analysis on the following page

FII Derivatives (March 06, 2013)

Net Inflows (March 04, 2013)

Cement dispatches February 2013

Tool down protest at MMs Nashik plant impacts production

Economic and Political News

Share of exports in India's overall GDP rises to 17.7% in FY12

4,000 MW Mundra UMPP fully operational: Tata Power

Country Event Description

March 19, 2013

March 20, 2013

Initial Jobless claims

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Industrial Production YoY

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Jobless claims change

FOMC rate decision

Germany PMI Services

Germany PMI Manufacturing

Existing home sales

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

April 15, 2013

Real GDP (YoY)

May 15, 2013

Germany GDP nsa (YoY)

March 21, 2013

March 26, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical